TikTok’s U.S. operations have received regulatory approval from both China and the U.S., clearing the way for a sale to a consortium led by Oracle and Silver Lake, Semaphore reported Thursday, citing sources familiar with the matter.
The agreement ends years of regulatory disputes and restructures the U.S. business under primarily U.S. ownership. The deal should be completed this week to meet the US deadline.
As part of the agreement, ByteDance, the owner of the popular video-sharing app, will own less than 20% of the U.S. business. Oracle, Silver Lake, and MGX, the UAE state-owned investment company focused on AI, will each hold a 15% stake.
The new US-based organization will manage data protection, content moderation and algorithmic security, and will be governed by a seven-member board of directors, with a majority of Americans.
